Varadelly Mahesh vs The State Of Telangana
2025 Latest Caselaw 3914 Tel

Telangana High Court

Varadelly Mahesh vs The State Of Telangana on 13 June, 2025

Author: N.Tukaramji

Bench: N.Tukaramji

       THE HONOURABLE SRI JUSTICE N.TUKARAMJI



CRIMINAL PETITION Nos.6955, 6956, 7054 and 7055 of
                      2025

COMMONORDER:

These Criminal Petitions are filed by the petitioners

/accused Nos.2, 5, 1 and 3, respectively, seeking

quashment of the proceedings against them in FIR.No.427

of 2024 of Nirmal Town Police Station, Nirmal. The offences

alleged against this petitioners are under Sections 318(4),

316(2) and 61(2) r/w.3(5) of the Bhartiya Nyaya Sanhitha

(BNS), Section 5 of the Telangana State Protection of

Depositors from Financial Establishments Act (TSPDFEA)

and Sections 21, 22, and 23 of the Banning of Unregulated

Deposit Schemes Act (BUD).

2. Since the petitioners in all the petitions are seeking

quashment of proceedings in Crime No.427 of 2024, all the

petitions are heard together and disposed of by way of this

common order.

3. Heard Sri Mohammed Nazeeruddin Khan, learned

counsel for the petitioner in all criminal petitions and Sri

Jithender Rao Veeramalla, learned Additional Public

Prosecutor for the respondent - State. Perused the record.

4. The crime was registered against the petitioners and

others mainly on the ground that the petitioners and others

were involved in the scheme of Crypto currency/virtual

currency.

5. The petitioners were arrested and released on bail.

6. Learned counsel appearing on behalf of the petitioners

would submit that the method of trading in Crypto

currency/virtual currency was in fact upheld by the Hon'ble

Supreme Court inInternet and Mobile Association of

India vs. Reserve Bank of India1,and subsequent to the

said judgment, the Reserve Bank of India had issued

proceedings videRBI/2021-25/45 in DOR. AML.REC.18/

14.01001/2021-22, stating that the circular issued by RBI

vide DBR.No.BP.BC.104/08.13.102/2017-18, dated April

06, 2018, with regard to the prohibition on dealing in Virtual

Currencies (VS's) is no longer valid and the trading in Crypto

currency/virtual currency is valid.

7. The above said aspects shall be considered by the Police

during investigation and also the specific role played by these

petitioners. The investigation shall be concluded on the basis

of the above cited judgment of the Hon'ble Supreme Court.

1Manu/SC/0264/2020

8. With the above observation, all the Criminal Petitions

are disposed of.

9. Miscellaneous applications pending, if any, shall stand

closed.

_________________________ JUSTICE N.TUKARAMJI Date:13.06.2025 ssm